Italy’s Agnelli family, the owners of the popular Juventus Football Club, turned down a purchase offer from stablecoin issuer Tether (CRYPTO: USDT) on Saturday.
Juventus Owners Decline Purchase Offer
John Elkann, CEO of the family’s holding company Exor NV (OTC:EXXRF), asserted in a video address, “Juventus, our history and our values are not for sale.”
“Juventus has been part of my family for 102 years,” Elkann emphasized. “Over the course of a century, four generations have helped it grow.”
The rejection comes after Tether submitted a binding all-cash proposal to Exor to purchase its entire 65.4% stake in the historic soccer club. The offer, valued at $1.17 billion, was intended to be funded by Tether’s own capital.
Paolo Ardoino, Tether’s CEO of Italian descent and a passionate Juventus fan, said earlier that the club played a major role in shaping his early childhood.
The El Salvador-based cryptocurrency firm is known for USDT, the world’s most valuable stablecoin, with a market capitalization exceeding $186 billion as of this writing.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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